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20121101
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're still watching what is happening in israel and gaza. the conflict there and uncertainty remains. focal point of many traders. the reason why perhaps we're not pulling back even further although many are anticipating we are going to see an increase in u.s. crude oil supplies when the energy department reports its numbers tomorrow. we'll monitor israel's situation because that's likely to have a very important effect on the oil price in this session. gold continues to trade in a range here. ubs saying there needs to be a significant breakout in this range for oil to have true momentum and on this short holiday week, it appears that many traders are just trying to cover their short positions and not really taking out new bets a at the moment but there are some taking out significant bets and there have been reports that george and john have added to their gold holdings. we have reported that gold etf holdings are at record levels. there are many that want to be in this complex but of course still right now we are looking at a slight pullback in the gold price right around 1730 an ounce. >
fighting escalate in the gaza strip as we continue to watch what israel and what palestinians are doing in the area and the fact that there does not appear to be any cease-fire on the horizon although egypt's prime minister is in gaza today urging some international cooperation. we're also looking at the fact that oil prices here in the u.s. have basically erased this week's losses because of the gains that we're seeing currently in the oil complex. we're also hearing reports about iraqi enjoy saying that arabs should use oil to press israel over gaza. those headlines helping to cause this bid in the oil complex. in the gold market, we've seen steady declines over the last several sessions and now a little bit of stabilization in the gold market. there are concerns based on the world gold council report about demand particularly out of china. we've seen the cme lower margins for gold and silver so that may have an impact on the trading activity from here. carl, back to you at the white house. >> all right. thanks so much. in a half hour from now the president will hold key meeting with
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